Exclusive: Carlyle Capital appeal dismissed

It was the largest trial ever heard in the Channel Island of Guernsey, now the Court of Appeal in Guernse...

It was the largest trial ever heard in the Channel Island of Guernsey, now the Court of Appeal in Guernsey has dismissed an appeal made by the liquidators of Carlyle Capital Corporation.

In 2017, Lieutenant Bailiff Hazel Marshall QC, sitting in the Royal Court of Guernsey, handed down a 524-page judgment in a USD 2 billion post-credit crunch dispute spanning over 187 alleged breaches of duty that centred on the conduct of Delaware-incorporated Carlyle Investment Management, TC Group, TGC Holdings (collectively Carlyle Group) and seven of the group’s former directors, ruling that their conduct and Carlyle Capital Corporation’s (CCC) business model had been reasonable.

The liquidators of Guernsey-incorporated CCC lodged an appeal in January 2018, exclusively revealed by CDR, which did not challenge all of the first instance findings, but included grounds of negligence and breach of fiduciary duty, they also sought a consequent award of damages in the region of USD 320-360 million.

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